Compare Loan Depot vs. Quicken Loans Mortgage Rates

What’s the difference between loanDepot Mortgage and Quicken Loans Mortgage? See how our editors compare the two companies below.
Last Updated: April 27, 2018
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loanDepot Mortgage
8.6 / 10 - Excellent
no_rank
Quicken Loans Mortgage
9.8 / 10 - Excellent
#2 in Mortgage Rates
vs

Key Facts

  • Quick and easy online quotes
  • “No steering” policy for mortgage financing
  • Licensed mortgage bankers ready to assist
  • BBB-accredited with an A+ rating
  • Lifetime guarantee on loan refinance fees
  • Multiple loan options - Purchase or Refinance
  • The largest online mortgage lender in the U.S.
  • Industry-leading online tools
  • Award-winning customer service: A+ with BBB
  • Get a Pre-Authorization Letter to Buy a Home

OVERALL RATINGS

 Loan DepotQuicken Loans
Loan Specifics8/1010/10
Customer Experience9/1010/10
Qualification Requirements9/1010/10
Lender Reputation9/1010/10

Customer Experience Compared

Types of Mortgage Loans Offered

Loan Depot
vs
Quicken Loans
  • Fixed Rate 10 Year
  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • Jumbo Adjustable Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate
  • Fixed Rate 15 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate
  • USDA Loan
  • Marketplace

Minimum Loan Amount


Customer Experience Compared

Online Features

 Loan DepotQuicken Loans
Online Application
Yes
Yes
Online Quote
Yes
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Help Articles
Document Checklist
Check Today's Rates
Mortgage Calculator
Affordability Calculator
Help Articles
Check Today's Rates
SSN Required for Quote
No
No

Loan Closing Time

Decision and Closing Times


Qualification Requirements Compared

Additional Qualification Requirements


Lender Reputation Compared

Key Facts

 Loan DepotQuicken Loans
Lender Type
Direct Lender
Marketplace
Year Founded
2010
1985
BBB Rating
A
A+
BBB Positive Reviews
565
2
BBB Negative Reviews
217
272
TrustPilot Rating
9.5 out of 10
9.5 out of 10
Collection Date
2018-02-05
2018-02-05

Complaints & Regulatory Actions

 Loan DepotQuicken Loans
Nationwide Mortgage Licensing System ID
174457
3030
The Nationwide Mortgage Regulatory Actions
2
1
Consumer Financial Protection Bureau Complaints
57
1


Company Profile

Full Name
loanDepot Mortgage
Quicken Loans Mortgage
Company Website
Headquarters
26642 Towne Center Drive, Foothill Ranch, CA, 92610
1050 Woodward Avenue, Detroit, MI, 48226

Final Verdict

Quicken Loans Mortgage has a higher overall rating than loanDepot Mortgage. Quicken Loans scores better than Loan Depot across: Loan Specifics, Customer Experience, Qualification Requirements, and Lender Reputation.


Customer Comments & Reviews

F
FonKel
Houston, Texas
2/6/2018
Quicken Loans Mortgage review
I'm a first time borrower at Quicken Loans. I read 100's of comments about Quicken Loans here and elsewhere on the internet and was totally blow away by them. So this may be lengthy and I apologize ahead. No one can run your credit without your SS # that's the first thing. When you give them your SS# you are in essence saying it's ok to run your credit. This is a no brainer. It's also a hard hit. When they say you qualify for a loan that's not saying you have been approved. They can't know if your approved until all your paper work is in and been verified 100%. Sometimes they even verify it twice. They have this right as they are giving you thousands upon thousands of dollars to borrow. There is nothing personal when borrowing these amounts of money. So no question asked is personal. Unless it pertains to something other than financial records, income, taxes, credit, family names and SS#, marriage or relationship to whoever is also an income you are adding to the loan. Some of these comments are rediculous to say the least. I used Quicken for a refinance recently. I only had one problem. Someone set up our closing before the 12 day waiting period you have to go through after signing the extension of credit. Could have been a mistake made by anyone. Took another 2 weeks longer for the loan and we had to do a second closing. Nothing changed on the loan itself except our payoff was another 14 days of interest. Which we would have had to pay anyway on our regular house payment. So no big thing on this particular situation. When you are dealing with large amounts of money that someone is loaning to you you have to expect to be ran through the ringer. If you have ever taken out a loan this large through a bank it takes even longer for them to approve you. You also can't know if you even come close to qualifying unless a loan company knows your financial credit score in real time and how much you owe and if you have ever had late payments, if your home has a lein on it, if you owe back taxes, if you actually own the home, if you have an IRS garnishment, if you are a legal resident of the U.S., if you have a full time job and how long you've had it, if you made your mortgage payments on time, how much you owe other people, what your debt to income ratio is, what your home appraises for and what determines the amount you get. Because by law they can't give you more than 80% loan to value. In some cases 60%. And your not 100% approved until you get the actual check or your old loan is paid off. As for the $500 for an appraisal. No matter who you go to you will have to pay for the appraisal. But Quicken doesn't state that the $500 is for an appraisal. They call it earnest money. They require that upfront because it cost them time and money to do paperwork and pay employees to do it. But in the end you do get a credit of $500 back on your loan closing. It shows up in your closing paper work. The money up front is to make sure you are serious about the loan. They also tell you if you backout of the loan you DO NOT get the money back. Our loan officer told us this right up front in the first 5 minutes of our conversation. The only real downfall I saw with Quicken was allot of their people are rude and very short. But I and my husband overlook these things. People have things happen and it's life. But no one cussed at us or was so rude that we felt insulted. My only suggestion to Quicken is to retrain some or even allot of their people on proper manners. At the same time I'm pretty sure from allot of these comments they get some pretty hateful people they have to deal with and sometimes we all have a breaking point. Especially if they have dealt with these types all day long. Don't expect others to be nice if you aren't nice. I have no doubts this is a very fast paced job for most of these folks that work for Quicken and Rocket. Or any other lender for that matter. Also you will have different people calling you. They are a "Team". Meaning there are many people on a team. Anyone of those people may communicate with you. Also when you fill things out on the internet you are going to get the phone calls and emails. This is why you never fill out the forms on the internet. You always pick up the phone and call. My husband and I never received the phone calls that others have complained about. We also used our fake email in the beginning. Then once things got going we switched to our regular email account. Never received accessive mail except in our fake email account. So just a few suggestions on how to go about using Quicken and a little advice on how it works. So I have given Quicken a 4.5 rating simply because their customer service isn't very good. Other than that I was satisfied with them. I feel we got a fair handshake.


L
LesleyPalmer
Gainesville, Florida
7/12/2017
Quicken Loans Mortgage review
I am a first-time buyer and Quicken Loans helped me through the entire process. Very happy with Denise Brown, my banker, and the rest of the team. I was pretty nervous, but they made me feel I could do it. Now I am the happy owner of a little house! Thank you, Quicken Loans!


S
Shelley S
Chester, South Carolina
6/25/2017
Quicken Loans Mortgage review
Quicken saved us a lot of money on our mortgage payment. Loved our banker that we worked with. He was very helpful in our home buying process. Did not care much for our loan specialist. He did not seem to care about answering questions we had about the mortgage process. Overall we are pleased because of the money we saved. Thanks Quicken!


C
cheryl r
Clinton Township, Michigan
5/17/2017
Quicken Loans Mortgage review
We were SOOOOOO pleased! A class-act corporation. Thanks for everything.